Off the Charts

The S&P and Nasdaq got the oversold bounce we have been looking for to end a four-day losing streak, but the Dow slumped to a small loss thanks in part to a big positive to negative reversal from Home Depot (HD). Coming into this morning the market had only been at the same oversold levels once in 2013, and S&P futures were able to shrug off some weakness in world markets to post today's gains.

While we did get an oversold bounce, the move wasn't potent enough to get us overly excited about getting heavy buying this dip. The S&P closed weak in the last half hour and still has work to do to reclaim its 50-day moving average. Going forward, we will be watching to see if 1645 holds. We are into the dog days of summer and there are not a lot of compelling set-ups right now. This is an environment to take trades and keep risk down....410 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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